47 The following year he elaborated the argument in his contribution to a pamphlet, published by the Federation of American Scientists and titled One World or None—an echo of the title Wendell Willkie had chosen for his own book three years before.

Because the shares trade privately, funds follow procedures set by their boards to estimate their "fair value," which may be based on similar stocks that trade publicly and other market factors, including an adjustment for their illiquidity, according to lawyer Barry Barbash , a partner at Willkie Farr & Gallagher LLP who specializes in asset management.